04-14-2020 HRA MIN SPECIAL - Laserfiche WebLink

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of"'city �_ El .___. Special Virtual Meeting of the Elk River River Housing and Redevelopment Authority Held at the Elk River City Hall Tuesday, April 14, 2020 (Due to the COVID-19 Pandemic) Members Present: Chair Larry Toth,Commissioners Denny Chuba,Michelle Eder,Nate Ovall, and Jayme Swenson Members Absent: None Staff Present Economic Development Director Amanda Othoudt,Economic Development Specialist Colleen Eddy,and Sr.Administrative Assistant/Recording Secretary Jennifer Green I. Call Meeting to Order Pursuant to due call and notice thereof,the meeting of the FA River Housing and • Redevelopment Authority was called to order at 3:03 p.m.by Chair Toth and roll call was taken. 2. 406 Main Street Purchase Ms. Othoudt presented the staff report. She outlined details of the purchase agreement documents between the HRA and the property owner,Cora Smith,Trustee,Tim Smith,and the current tenant pertaining to the purchase of 406 Main St. NW,in the amount of $230,000 and a$5,000 escrow payment. She explained the property is currently occupied by tenant CRAG Enterprises LLC; therefore,negotiations required different rules and regulations for purchasing that fall under the Federal Property Relocation Act.The regulations allow CRAG Enterprises LLC,the sole tenant of the property,to remain on the premises until CRAG provides the HRA with notice of vacation. The sale closing date was set for June 30,2020,with the intent the tenants will then vacate the premises. $5000 in escrow funds will be held in an interest-bearing account which allows the HRA some flexibility with the tenant when they vacate the property,as the HRA can use the funds towards getting the property cleaned up as well as pay any overdue bills. Ms. Othoudt explained the tenants have signed a waiver of receiving relocation funds as outlined in the Property Relocation Act. • Commissioner Ovall asked for clarification of the signing of a waiver of relocation benefits within the purchase agreement and wondered if the HRA has any recourse if the tenants